Fashion is famous for going to extremes. One season, a style
(sold in one color only) sells out. A relatively small quantity was purchased of
that style and the retailer now thinks this will be a great style in a larger
way. So the brand makes this style in 10 colors for a future season and buys a
huge quantity. The style hits the selling floor with no support or marketing
and it fails. We are now calling this style an epic failure. How could it be so
successful one season and such a bad style the next? This is a classic fashion
example of “swinging the pendulum”.
Finding a reasonable balance can be challenging in an
industry with so many passionate people. It’s easy to get carried away and
swept up in a moment. Hardly ever do these extreme shifts lead to success. It
is important to take risks in an ever changing industry, but there are ways to
handle where you can increase your chances of success. First, how far do you
really need to move from your current position? After dipping your toe in the
water, think through your next step. Maybe you don’t need to dive in the deep
end, but rather swim swiftly to the deep end.
Risk is important, but a calculated risk has a better chance
of success. In the style expansion example above, think about how a company
could handle this differently. How could a marketing plan help turn this
expanded style into a product launch versus expansion? What if the company
carried this style in 10 colors and but bought a moderate amount. To cover the upside,
the company could position fabric with a vendor and replenish the style if the
expansion was successful- it protects you from the downside, but creates the
opportunity for upside.
How many times have you seen your company swing the pendulum?
How many times has it led to a successful outcome? What can you do in your position
to create calculated risk rather than swinging the pendulum? Who can you work
with in your role to ensure success for your company and the product you
deliver? How can finding balance help you advance in your career?
To learn more about career coaching, go to www.katekibler.com
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